Web3.0, metaverse, and fan engagement: The building blocks of futuristic gaming and Esports | The Financial Express

Web3.0, metaverse, and fan engagement: The building blocks of futuristic gaming and Esports

It is believed that Web3.0 is essential because it provides a decentralised environment

Web3.0, metaverse, and fan engagement: The building blocks of futuristic gaming and Esports

By Shubham Gupta

The Metaverse is not just a buzzword, it’s the future of gaming, and it’s coming sooner than we think. A virtual world where users can interact, create, and engage with each other in a seamless and immersive way, is the next logical step in the evolution of the internet. There’s an intriguing opinion on the internet that current games are metaverses, and a debate about whether metaverses really need web3, but let me break it down for you.

Web3 is essential because it provides a decentralized and trustless environment where users can fully own and control their own digital assets like tokens or even virtual real estate, cars, or clothes, as well as participate in decentralized finance (DeFi) activities. Traditional internet or web2 relies on centralized servers owned by powerful organizations to facilitate transactions and interactions, which creates a number of problems such as censorship, lack of ownership, privacy, or control.

Decentralized assets such as Cryptocurrencies exchanged on centralized exchanges like Binance are based on the trust between a user and the exchange but this trust can lead to major negative financial backlashes due to a single point of control and decision-making such as in the case of FTX where 8 billion dollars of user’s funds were recently misappropriated. India is one of the fastest-growing esports markets in the world, with a large and passionate fan base who are highly engaged and invested in the success of their favorite teams and gamers. India also houses over 600 million internet users, a large youth population with a median age of 27, a growing economy with disposable income, and a supportive government backing the ecosystem.

Fan engagement that leverages the power of web3 and provides a platform for gamers and esports enthusiasts with a new and exciting way to engage with their favorite games, gamers, influencers, and content creators will truly be revolutionary for the community. It will also open up avenues for income sharing through investments, crowdfunding for projects, fan tokens as an investment avenue, and some ownership in the decision-making of the IP or Individual.

It’s important as it helps to build a loyal and active community of fans who are invested in the brand/individual/IP and are more likely to promote it to others. And it goes without saying that fans provide influencers the social proof and validation needed to attract new followers, brands, or sponsors and hence monetize through this fanbase. Hence fan engagement is an important activity that happens across almost every consumer brand, individual brand building, or growing an IP with a varying strategy. It also builds a two-way bridge between the two that is needed for feedback and validation.

The metaverse, web3, and fan engagement are all key components that are poised for explosive growth in the gaming and esports market. A virtual world where users can interact, create and engage with each other in a trustless and decentralized network that allows full ownership and control of digital assets would be at the forefront of this revolution while as the industry continues to grow, so will the need for more innovative ways to engage fans that will further accelerate its growth.

The author is co-founder and chief product officer, STAN

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First published on: 04-02-2023 at 12:00 IST